Electric Ireland is the latest energy provider to announce a hike in its gas and electricity prices.

From May 1st, residential electricity prices will jump by 23.4% and gas prices will increase by 24.8%.

The increase will add around €24.80 a month to an average electricity bill, and €18.35 per month to an average gas bill, the company says.

Executive director of Electric Ireland, Marguerite Sayers, says the change is due to 'unprecedented' volatility of wholesale gas prices.

"We are acutely aware that the rising cost of living is causing difficulty for households across the country.

"Unfortunately, the unprecedented and sustained volatility of wholesale gas prices over the last 12 months means that we now need to increase our prices", she says.

"We delayed the increase as long as we could in the hope that wholesale prices would drop back to early 2021 levels, but regrettably this has not happened".

Electric Ireland says a €2m 'Hardship Fund' remains open to customers experiencing difficulty paying bills.

Earlier this month Bord Gáis Energy announced price increases for both gas and electricity of 39% and 27% respectively.

Price-comparison site Bonkers said the size and scale of this increase was "unprecedented".

Bord Gáis raised electricity prices three times last year and gas prices twice.